TL; DR
- Bloomberg’s Mark Gurman reports Apple Pay could launch in India as soon as October 2026.
- Reuters separately says Axis Bank leads an initial card-only rollout, without confirming UPI.
- Earlier 2026 reports of a mid-year launch and UPI-first plans didn’t materialize as predicted.
Back in August, we published a report saying Apple Pay could finally launch in India by October, but it won’t include UPI support at launch (via Business Standard). Yesterday, Bloomberg’s Mark Gurman said that could happen, with an added surprise for Indian users.
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Apple Pay Could Finally Arrive In October 2026 With UPI Support
In his Power On newsletter, Gurman says Apple is targeting an October launch, though the exact timeline within the month remains under wraps. Apple generally unveils its latest iPad Pro and MacBook Pro in October, so the company already has a few product announcements to make that month.
The surprise I talked about earlier is support for UPI payments. So far, we’ve been under the impression that Apple is delaying the launch of its own payments system because it couldn’t get clearance for UPI. However, with its anticipated launch in October, Apple Pay might let Indian users make both card-based and UPI payments.
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Why Now?
I see a direct connection between the sudden viability of UPI transactions for Apple Pay and the drastic change in India’s strict zero-MDR framework. For those catching up, Apple Pay usually charges banks a 15- to 20-basis-point fee per transaction. However, India’s zero-MDR meant banks earned nothing and had nothing to share with Apple.
Apple’s initial workaround was a “card-first” strategy, since those transactions already attract a 2 to 2.5% MDR and would therefore contribute to Apple Pay’s revenue. However, the country has introduced a 0.4% MDR on person-to-merchant UPI transactions above ₹2,000, effective October 15, 2026.
So, when banks charge a fee, they can share a percentage with Apple. Basically, the new MDR policy makes UPI transactions viable for Apple Pay.
| Payment Method | How It Would Work |
| Card-based (tokenized) | Store card details on device, pay via NFC terminals, authenticate with Face ID/Touch ID |
| UPI | Direct bank-linked instant transfers, India’s dominant payment rail |
What’s Still Unclear
Here’s my honest read: nobody actually agrees on the UPI part yet. Reuters reported last week that Apple’s list of banking partners could be narrow at launch, including Axis Bank credit cards first, with HDFC and ICICI still in negotiations. The report didn’t mention any UPI transactions. However, things could move faster from there.
For now, expect Apple Pay to go official in the country on or around October 15, 2026.
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